Blockchain's Role in Enhancing Transparency and Security in Digital Transformation
Keywords:
blockchain technology, digital transformationAbstract
Blockchain technology is enhancing trust, security, and openness of digital ecosystems. Security, openness, and efficiency are especially important when businesses migrate customer interactions, data management, and operations online. Digital transformation data integrity and privacy may be impacted by distributed blockchain, unchangeable ledger, and cryptographic techniques. This paper argues that real-time, tamper-proof blockchain records might increase stakeholder trust and accountability. Decentralized blockchain removes single points of failure, therefore lowering cyberattacks and illegal access. Blockchain consensus systems like PoW, PoS, and others confirm transactions and records tamper-resistively, thereby enhancing the dependability of digital transformation information systems.
Research, practical applications, and theoretical models reveal blockchain enhances operational transparency and data security. Cases in banking, healthcare, supply chain management, and public administration all exhibit blockchain secure identity verification, audit trails, and transaction transparency. The immutable audit trails of blockchain for financial services transactions and regulatory compliance help to reduce fraud and safeguard data integrity. Blockchain provides complete, tamper-resistant medical records that boost patient trust and enable proper treatment as well as protects private patient data across systems.
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